Applications for both tiers of the upcoming capital grant scheme in Northern Ireland will require a letter from a bank or lending institution to confirm that the applicant has access to finance to complete the project.

Making the announcement on Monday, Agriculture Minister Michelle McIlveen said that although a letter was required for both tiers of the scheme, this was particularly important for tier two applications for projects that cost over £30,000.

“I am conscious that those applying to the scheme will be taking on additional investments at a time when many sectors have felt the impact of low prices and market volatility,” she said.

Last week, the Irish Farmers Journal reported that the level of borrowings on NI farms has moved over the £1bn mark after rising throughout the first half of 2016. Both tiers of the 40% capital grant scheme are due to open to applicants before the end of October.

“All applicants to tier two will have to develop and submit a robust business plan which shows that they have carefully planned their investment; it is viable, affordable, and meets the objectives of the scheme,” Minister McIlveen said.

Maps

The Minister also announced on Monday that all tier two applications involving construction are required to include a map produced from a planning tool programme on the DAERA website. “My Department has developed the farm investment planner mapping tool. It is designed to assist the farmer with mapping existing and potential capital investment,” she said.

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